Apple Inc. (NASDAQ: AAPL) reported double-digit sales growth for the March quarter as the sales of iPhone, its lead product, continued to recover from the COVID-induced slump. The numbers also beat estimates, sending the company’s stock higher on Wednesday evening.
The Cupertino-based gadget giant said its second-quarter net sales jumped 54% from last year to $89.6 billion. Driving the growth, sales of iPhone advanced 66%, regaining ground in the booming smartphone market. Sales also came in above the consensus estimates.
Benefiting from the broad-based top-line growth, net profit climbed to $23.63 billion or $1.40 per share from $11.25 billion or $0.64 per share in the second quarter of 2020, surpassing Wall Street’s expectations.
“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us. Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world,” said Apple’s CEO Tim Cook.
Read management/analysts’ comments on Apple’s Q2 report
After an upbeat start to the year, Apple’s shares entered a volatile phase but the price stayed above the 52-week average. The stock closed Wednesday’s regular session lower but gained after the normal trading hours.